You Haven’t Been Thinking About Mortgage Rates Have You?
Here are a couple of articles from Las Vegas Undressed author Mark Clawson to consider.
What does it mean when the Fed cuts rates?
I mentioned that weakness in the stock market can help mortgage interest rates
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An Advertisement
For Sale $2500.00: Power of the Shining Heavens. Rare out of print serigraph by Barry Herem 1978, Framed and in excellent condition. Contact Kathleen Leavitt, 206.618.3724
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We Are Building A Lenders List We Believe You Can Count On In King, Pierce, and Snohomish Counties, Washington
King County Is Covered, Pierce and Snohomish County Too. We are now drilling down to local areas by adding more loan officers to our network.
The catch, is that they must be placed on the sites by real estate agents. Why this approach? Our experience has taught us lenders that are referred by agents are most likely to have the skills, resources, and experience to deliver the best opportunity for a happy mortgage experience.
Click here to go to our neighborhoods directory.
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Why Should You Do Business With Our Advertised Lenders?
We are launching our Undressed Network. Each neighborhood, community, or town website will have local lenders advertising on the site. They will be known to the local agent.
There are 10 good reasons you should do business with the lenders advertised in the Undressed Network:
1- They have experience working with real estate agents.
2- Real Estate agents won’t work with lenders that charge their clients high fees.
3- Real Estate agents won’t work with lenders that don’t deliver as promised.
4- Real Estate agents won’t work with lenders that get clients upset.
5- Real Estate agents won’t work with lenders that don’t close on time.
6- Real Estate agents won’t work with lenders honor rate locks.
7- Real Estate agents won’t work with lenders that aren’t program versatile.
8- Real Estate agents won’t work with lenders that have experience and are skilled in their craft.
9-Real Estate agents won’t work with great processing assistance.
10-Real Estate agents won’t work with lenders that don’t keep their word.
That is, if they had their choices.
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For The Banks: Lots Of Fraud Prevention Tools
Underwriters have great tools available these days. I just spoke with one of our favorite mortgage bank underwriters on the subject. They can order information on you, your property, its renter, seller, etc. All in all 145 alerts can be provided. These may raise red flags on your income, employement, legal residency, likelyhood of occupying, if you are a flipper, illegal alien, on the federal terrorists watchlist, really self employed to name a few.
In last wednesdays article “Troubled” Corey Lerner wrote this comment:
Name: Cory Lerner | E-mail: cory@profinancenow.com | URI: http://www.theequityladies.blogspot.com | IP: 66.236.122.94
Hi -as a mortgage consultant, I am constantly hearing stories of what a poor job one of our ilk did - lying about a rate, not disclosing this or that. It really bugs me but there is nothing I can do about others in our business.
However, I can say that I have not yet had the experience you have had with outright lying on the part of the borrower. Your reputation, my reputation are really hit hard by this thing. Besides making it clear in the first interview about how I do business and that fraud will not be tolerated, I’m curious to know how others handle that issue. Cory Lerner
I think the answer to Cory’s question is at the bank level. With the tools available they use the red flags to require documentation that will help clarify against fraud.
The amazing thing is, that if one gets away with it at the loan approval level they have to live with the pressure that they have committed a crime and are on their way to free room and board and special bracelets.
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Look Me In The Eye. You Are Not Really A Loan Officer
I know, you made a lot of money over the last few years. You drive a BMW now. But if you haven’t got a real estate agent to vouch for you, you are not a loan officer. You are a refi salesman.
There is such an important difference that it is very difficult for a loan officer to get the business of a real estate agent? Why should be obvious. Serius fallout can be the result if a loan officer fails.
I remember listening to a John L Scott manager complaining about loan officers. His story went something like: “my typical experience with loan officers that are not really experienced in handling purchase transaction is - I need a prequalfication letter, do they qualify? (L0) sure they qualify. The offer is signed, are you sure they qualify? (LO) Sure they qualify. I speak with the LO a few times before closing and just before closing… oops they dont qualify.”
I have seen terrible fallout from shoddy work. So therefore I say it again: if you haven’t got a real estate agent to vouch for you. Then you are not a loan officer. You are a salesman.
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5 Things To Do Before You Dive Into Your First Home
Note: This guy is already in pretty deep. How about you?
1- Make sure your credit score will allow you to secure a loan with market rates.
2- Make sure the lender you choose has a good reputation with the agent you will use. (No exceptions here.)
3- Use an agent that knows the local market you will be purchasing in.
4- Do a personal evaluation about your financial stability. Will you be in the home for a few years? (prices may stay flat for a while) Can you really afford the new payment? Do you have some cash reserves? (how many months could you survive with a job loss? Could you be better off by first upgrading your employment first? Do you have high interest rate debt that could be paid off first? Will the new purchase allow you to go forward spending less than you earn?
5- And before you even dip your toes in the water spend serious time learning from experienced people on line. Spend as much time learning about mortgages as you do searching for that home on line.
PS: The last time I put up a list of 5, Teresa Boardman said you always have 10 in lists. Tell Teresa, there are 10 in this list of 5. Lar
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Homes And Loans - Washington State
A Washington State Mortgage Broker: License #510-MB-31152
Larry Cragun Broker: 206.618.3724
Loan Officer: Mark Clawson: 206-999-2009
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An Issaquah Lender Refered By A Real Estate Agent
Issaquah Washington: Rob Tamalea, Tamaela Mortgage. Referred by Larry Cragun….
I refer Rob because he has proven to be a lender that can deliver with integrity. Rob is heavily involved with our local chamber. I knew Rob personally before I knew him from business. I have watched others great results from Rob and even though I am a lender felt I wanted to partner with Rob on our Issaquah Blog.
Call me to see how he is doing at 206.618.3724. Tell him how you found him, it will make him work even harder for you. Call him directly at 425 369-9660.
Here is the link to Robs Website. Click Here
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